Live updates from Fed meeting: Interest rates held steady in split vote, Warsh says politics played ‘no role’ ahead of midterm elections

Wall Street can’t make up its mind about the Fed.

Stocks fell after the 2 p.m. statement, rallied as Fed Chairman Kevin Warsh spoke, then retraced much of that trend. The S&P 500 (^GSPC) makes a small gain, and chip stocks do most of the upside.

The typical stock isn’t doing as well. The equal-weighted S&P 500 index, which gives every company the same weight, is in the red. The same goes for small caps.

The bond market is clearer about what it thinks. The 30-year Treasury yield is near its daily high and the 10-year Treasury yield is back above 5%. Higher long-term rates make borrowing more expensive for businesses and home buyers.

The dollar moved in the other direction and slipped against the euro during the press conference.

This leaves the sequence. The S&P 500 entered six consecutive Fed days lower on Wednesday, the second longest stretch since 1994, which we highlighted at 2:43 p.m. ET. A higher close would end it, and a lower close would tie the 2018 record of seven.